Consumer Bankruptcy Lawyers in Detroit, Michigan

Find the right Consumer Bankruptcy attorney in Detroit, MI

Bankruptcy is a legal procedure allowing a person or business to have their debts excused, in part or in whole. It is typically treated as a last resort, because, while it can prevent financial catastrophe, it has some influential long-term consequences. This warrants careful consideration of the costs and benefits. Being a creation of federal law, bankruptcy will go through federal courts. Accordingly, the process for filing for bankruptcy in Michigan is essentially the same as the process anywhere else in the United States. However, particular courts in Detroit, Michigan will have distinct rules for exemptions, so you should speak with a local attorney before filing.

Chapter 7 Bankruptcy in Detroit, Michigan

There are 2 typical forms of bankruptcy in Detroit, Michigan. They are known as Chapter 7 and Chapter 13 Bankruptcy. Chapter 7 liquidates part of the debtor's assets. It requires a certain percentage of the debtor's assets to be sold off to pay as much of his or her debt as possible. However, many forms of property that most people own are exempt, meaning that they don't need to be sold. This often includes houses, vehicles, insurance policies, and necessary personal items, like clothing. These assets are not available to creditors.

Once eligible assets are sold, and the proceeds turned over to the creditors, most remaining debt is absolved. However, some forms of debt cannot be discharged in bankruptcy, including student loans, taxes, child support, personal injury awards, and fines. If most of your debt in Detroit, Michigan is not dischargeable, you may want to consider other options besides bankruptcy.

Chapter 13 Bankruptcy in Detroit, Michigan

In Detroit, Michigan, chapter 13 is extremely different from Chapter 7, and may or may not be the best option for you, depending on your situation. Chapter 13 Bankruptcy involves a court setting up a revised payment plan, which allows the debtor to pay off most or all of his debts over an extended period of time, through monthly payments that should, assuming that the debtor is willing to make a few sacrifices, be manageable.

Which Type of Consumer Bankruptcy Should I File in Detroit, Michigan

Chapter 13 is typically a good option for people who have a stable income, and a large amount of non-exempt property that they can't part with. On the other hand, if most of the debtor's property is exempt, and he or she does not have a stable income, Chapter 7 might be more beneficial.

Whatever your situation, you should speak with a local Detroit, Michigan bankruptcy lawyer. Your attorney will be able to advise you of your options and their likely results, which will help you make a more educated decision.

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Life in Detroit

Detroit, Michigan has more attractions for tourists than people would think.

Popular attractions include the Detroit Institute of Arts, Motown Historical Museum, Comerica Park, and Guardian Building. A popular attraction celebrating African Americans is the Charles H. Wright Museum of African American History.

For some family fun, Fox Theater Building, Ford Field, the GM Renaissance Centre, Ste. Anne de Detroit Church, Detroit River Front, and Fisher Mansion. For some fine dining and a great night out in town, downtown Detroit is a very happening spot.

Detroit is filled with many more attractions. The city entertains a population of approximately 713, 777 people. Therefore, Detroit is also filled with a prosperous legal industry. Detroit, Michigan is home to many small to mid-size law firms that practice in all areas of law. Therefore, Detroit residents do not need to look outside the largest city in Michigan in order to tend to their legal needs.

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